Create a 500x500 black background document. Type your text in the middle with large enough font to leave some black near the edges. Be sure to have the text set to white. Merge the two layers together (Image Menu > Flatten Image) and set a Gaussian Blur filter (Filters Menu > Blur) to 6 pixels.
Use your Polar Coordinates filter (Filters Menu > Distort) and set it to polar to rectangular. Rotate the image 90 degrees clockwise (Image Menu > Rotate Canvas > 90 degrees CW).
Use your Wind filter (Filters Menu > Stylize) and set it to wind and from the right. Now rotate it back up right (Image Menu > Rotate Canvas > 90 degrees CCW) and do the polar coordinates filter again, however set it to rectangular to polar. This will make the image back into a nice looking exploded image.
Okay, almost done! Add colour (Image Menu > Adjustments > Hue/Saturation) and your set.